January 16, 2021
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Sensex Plummets 793 Points On Budget Woes, Global Selloff

Top losers in the Sensex pack included Bajaj Finance, ONGC, NTPC, Hero MotoCorp and Maruti, falling up to 8.18 per cent. Yes Bank, HCL Tech and TCS, however, bucked the downtrend by rising up to 5.56 per cent.

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Sensex Plummets 793 Points On Budget Woes, Global Selloff
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Sensex Plummets 793 Points On Budget Woes, Global Selloff
outlookindia.com
2019-07-08T16:58:39+05:30

After plunging over 907 points during the day, the domestic equity benchmark BSE Sensex settled 792.82 points or 2.01 per cent lower at 38,720.57 on Monday, dragged by losses in index major HDFC Bank, L&T and Bajaj Finance, amid Union Budget overhang and heavy selloff in global equities.

The broader NSE Nifty sank 252.55 points, or 2.14 per cent, to 11,558.60.

Top losers in the Sensex pack included Bajaj Finance, ONGC, NTPC, Hero MotoCorp and Maruti, falling up to 8.18 per cent.

Yes Bank, HCL Tech and TCS, however, bucked the downtrend by rising up to 5.56 per cent.

In the previous session, the 30-share gauge finished 394.67 points, or 0.99 per cent, lower at 39,513.39, and the Nifty sank 135.60 points or 1.14 per cent, to 11,811.15, after the Union Budget proposal to raise public shareholding threshold fanned fears of an oversupply of new papers in an already overbought market.

According to traders, higher tax incidence proposed in the Budget for foreign portfolio investors and high net worth individuals is also weighing on investor sentiment here.

On a net basis, foreign institutional investors sold equities worth Rs 89.38 crore, while domestic institutional investors purchased shares to the tune of Rs 275.63 crore, provisional data available with stock exchanges showed Friday.

Besides overhang from the Union Budget, domestic equities extended losses tracking a major selloff in global equities, traders said.

Other Asian markets opened significantly lower as hopes of steep cuts in interest rates by the US Federal Reserve faded after the world's largest economy posted better-than-expected jobs data Friday.

Shanghai Composite Index plunged 2.58 per cent, Hang Seng 1.54 per cent, Nikkei 0.98 per cent and Kospi tumbled 2.20 per cent.

On the currency front, the Indian rupee depreciated 30 paise to 68.72 against the US dollar.

Meanwhile, the global oil benchmark Brent crude futures were trading 0.12 per cent higher at 64.31 per barrel.

 

(PTI)


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